The EUR /USD pair hovered around 1.0615 levels on Wednesday as the market nervously awaited an expected U.S. interest rate hike later in the day and hoped for more clues on the pace of future tightening. With an immediat…
The EUR /USD pair hovered around 1.0615 levels on Wednesday as the market nervously awaited an expected U.S. interest rate hike later in the day and hoped for more clues on the pace of future tightening.
With an immediate U.S. rate increase seen as a done deal, investors are focusing on what message the central bank will deliver when it concludes a two-day meeting on Wednesday.
Fed members had previously tipped three hikes for this year and any move upward in that would tend to support the U.S. dollar.
The Fed's policy decision is due at 1800 GMT later in the session, followed by a briefing at 1830 GMT.
To the upside, the immediate resistance can be seen at 1.0634, a break above this level would expose the pair to next resistance level at 1.0691.
To the downside, immediate support can be seen at 1.0575, a break below at this level will open the door towards next level at 1.0524.
